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cryptonews 2024-12-28 08:20:00

US Government Unlikely to Buy Bitcoin in 2025, Says Galaxy Digital Research Head

The United States government is not expected to purchase Bitcoin in 2025, according to Galaxy Digital’s head of research, Alex Thorn. In a report published on December 27, Thorn predicted that while discussions around a Bitcoin reserve policy may progress, the government will focus on managing its existing Bitcoin stockpile rather than acquiring more. Thorn suggested that there might be “movement within departments and agencies to examine an expanded Bitcoin reserve policy.” US Government Holds 183K BTC As of now, the US government holds approximately 183,850 BTC, valued at $17.36 billion, according to blockchain analysis platform Spot on Chain . This Bitcoin is spread across various known wallet addresses. Wyoming Senator Cynthia Lummis has proposed the Bitcoin Act, which, if enacted, would significantly shift the government’s approach. The act outlines a plan for the US Treasury to purchase 200,000 BTC annually over five years, building a reserve of one million Bitcoin to be held for at least 20 years. Galaxy Digital analyst “JW” also weighed in, suggesting that up to five Nasdaq 100 companies and five nation-states could add Bitcoin to their balance sheets or sovereign wealth funds in the near future. JW argued that increasing global competition might push nations, particularly those unaligned with or adversarial to the US, to adopt Bitcoin mining or accumulation strategies. 21 – The U.S. government will not purchase Bitcoin in 2025, but it will create a stockpile using coins it already holds, and there will be some movement within the departments and agencies to examine an expanded Bitcoin reserve policy. – @intangiblecoins — Galaxy Research (@glxyresearch) December 27, 2024 Japan’s Prime Minister Shigeru Ishiba has recently expressed skepticism, noting on December 26 that the Japanese government lacked sufficient understanding of the actions being taken by the US or other nations regarding Bitcoin reserves. Meanwhile, former Binance CEO Changpeng Zhao speculated that smaller nations might be the first to adopt Bitcoin reserves. Speaking at the Bitcoin MENA conference in Abu Dhabi on December 9, Zhao also suggested that China could eventually embrace a strategic Bitcoin reserve, although he acknowledged that such changes would likely unfold gradually. US States Consider Adding Bitcoin To Reserves Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin. The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves. On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years. Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty. Furthermore, corporate Bitcoin holders like MicroStrategy and Metaplanet have expanded their Bitcoin holdings. MARA Holdings (MARA) has also bought 11,774 BTC in the latest acquisition, the company announced on X on Dec. 10. Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further. The post US Government Unlikely to Buy Bitcoin in 2025, Says Galaxy Digital Research Head appeared first on Cryptonews .

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